From the Daily Herald Online
Pressurized irrigation bonds refinanced

Posted by: Our Towns Moderator on March 5, 2009 at 8:59PM EST

To avoid a substantial pressurized irrigation rate increase, Highland City Council voted on Tuesday to authorize the issuance of $4,300,000 General Obligation Refunding Bonds.This action will decrease the interest paid on the existing bond, due to lower interest rates and the city’s improved credit rating. Debt payments will decrease by almost $500,000 in the current fiscal year and by approximately $155,000 in each of the next eight years.The bond’s repayment period will also be increased by five years, which concerned some City Council members.“I really struggle to see that extending our debt five more years, even with the savings, is worth mortgaging five more years of our future,” said Councilman Brian Brunson.The original bond would have matured June 15, 2017; the bond will now mature on June 15, 2022.Without the refinancing, pressurized irrigation rates would have increased as much as 21 percent to cover additional costs of CUP water, Jordan Aqueduct (used in case of drought), and power for pumping.